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TBN- a leader in Low-code and aims to sell 25 million IPO shares this year.

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TBN

TBN highlights as a Low-code Market Leader Pursues IPO with 25 Million Shares to Expand Business Opportunities, Support Digital Transformation Trends, and Onboard 500-1,000 Programmers Within 3 Years. 

Mr. Panayu Sirikrachangsri, CEO of TBN Corporation Limited, revealed that the company is preparing for registration in the Market for Alternative Investment (mai) within this year. The Securities and Exchange Commission (SEC) approved the application for the initial public offering (IPO) of 25 million shares, which represents 25% of the total issued and fully paid-up ordinary shares, with a par value of 0.50 Baht per share. 

TBN plans to utilize the funds raised from this capital mobilization to be used as working capital for business expansion, including enhancing capabilities and competitiveness in line with the increasing trend of digital transformation. The funds will also be used to increase the number of personnel, develop systems, and provide various facilities to support the growing number of projects and personnel. The spending period is set within the year 2025. 

TBN is currently the sole representative and distributor of MENDIX software licenses in Thailand. The company was officially appointed by Siemens as the first authorized distributor of MENDIX licenses in Thailand since 2008, and the contract has been renewed annually. In November 2022, BTS Group Holdings PLC., acquired a 25% stake in the company. MENDIX’s Low-code technology helps enhance the development of software applications for various customers, such as top-ranked organizations in the banking, financial institutions, retail, manufacturing industries, and the public sector. 

“For example, Charoen Pokphand Foods PCL. (CPF), a major customer, aims to transform the organization digitally. The challenge is that they are a large organization but lack sufficient programmer personnel. When customers use our services, they can quickly migrate to the cloud system, develop applications like CPF, and develop 180 other systems within 2 years. Additionally, Krungthai Card PCL. (KTC) utilizes our services to improve the efficiency of their contact center, resulting in a 30% increase in productivity and ease of use, reducing operational errors,” said Mr. Panayu. 

He further stated that the company’s strengths lie in having more than 15 years of experience in Low-code software development. Currently, the company has the largest team of experts and professionals, totaling 150 individuals, which is the highest in the industry. Moreover, the company offers a comprehensive range of services in digital system development, including both Low-code and High Code, which strategically positions itself to meet customers’ needs. However, the global market is currently experiencing a shortage of programmers while witnessing an increasing trend of organizational transformation towards digitalization. These changes require organizations to develop more applications, but there is a shortage of development personnel. Therefore, there is significant growth potential in this market. 

Thus, the capital mobilization in the market aims to expand the company’s size to accommodate growth, including building internal personnel and collaborating with universities and the public sector to attract external personnel. The company aims to increase its workforce by 500-1,000 individuals within 3-5 years. Individuals from various professions have the opportunity to become programmers by completing the specified training courses. 

Ms. Duangphan Leelaviwat, CFO of Pioneer Advisory Company Limited, commented that the company’s financial status for the past 3 years (2019-2021) shows revenues of 130.38 million Baht, 215.73 million Baht, and 291.19 million Baht, respectively, with a growth rate of 65.47% and 34.98% sequentially. As for the first 9 months of 2021 and 2022, revenues amounted to 198.12 million Baht and 243.96 million Baht, respectively. The company has a net profit of 45.44 million baht, 87.61 million baht, and 84.04 million baht, respectively. In the 9-month period of the year 2021 and 2022, the net profit was 58.70 million baht and 26.52 million baht, respectively. 

The overall global Low-code market is valued at nearly 21.5 trillion US dollars in 2022 and is projected to reach as high as 190.8 trillion US dollars in 2030, with an average growth rate of 31.30 percent. The key factors driving this growth are the demand for rapid application development and time-to-market competition. Organizations are utilizing Low-code to enable developers to produce applications quickly, keeping up with market demands. Research suggests that Low-code developers will account for 40 percent of the total number of developers by 2030, and Low-code application development will constitute 70 percent of all applications by the year 2025. 

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